December 2012
Intermediate to advanced
250 pages
7h 30m
English
Content preview from The Real Cost of Capital
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USING THE COST OF CAPITAL IN BUSINESS VALUATIONS
Practical valuation – the starting point
Valuing businesses using DCF analysis
Flows to equity (‘FTE’) approach
Adjusted present value (‘APV’) approach
Modigliani-Miller (MM) WACC approach
Miles-Ezzell (ME) WACC approach
The formulae must be used consistently
Most people who use the cost of capital in the real world are interested in valuing a business or shares in a business. This is often in the context of listed companies or private companies, but can also be in the context of more unusual situations such as valuing financial interests ...
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